CREIT moves listing date to Feb. 22
By Keren Concepcion G. Valmonte, Reporter
Citicore Energy REIT Corp. (CREIT) has finalized its listing date to Feb. 22, the Philippine Stock Exchange (PSE) published in a listing notice on Friday.
The company was supposed to make its market debut on Feb. 17.
In a statement on Wednesday evening, CREIT and its joint global coordinators said they had to delay the company’s listing at the PSE because the volume of transactions “affected the timely completion of the lodgment of the IPO (initial public offering) shares with the Philippine Depositary and Trust Corp.”
CREIT said almost 20,000 investors participated in its P6.4-billion IPO.
The company and its sponsor Citicore Renewable Energy Corp. (CREC) sold a total 2.509 billion shares for P2.55 per share.
CREIT said all shares allocated for its institutional tranche, trading participants, and for local small investors (LSIs) were oversubscribed.
The demand for CREIT’s 218.182 million-shares LSI tranche alone reached 270.745 million shares, an oversubscription of 124.09%.
CREIT will be the first real estate investment trust (REIT) to list on the PSE with an energy-focused portfolio.
CREIT sold 1.047 billion primary shares, while CREC sold 1.135 billion secondary shares and the 327.273 million common shares allotted for overallotment. The company plans to use proceeds from the sale of primary shares to acquire properties from the Citicore Group.
